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Started By
Message
re: 42% of Americans are at risk of retiring broke
Posted on 3/12/18 at 10:06 am to SquatchDawg
Posted on 3/12/18 at 10:06 am to SquatchDawg
quote:
This is the reason I’m scared to death of the govt coming after 401k’s in 15 years
Lol, there are multiple moves the government and society will make first.
First, people will start losing belongings. Now a days 65 is still extremely young enough to still own all kinds of toys and what not. People own too much vehicle, too much house, too much boat, etc. and that depletes their savings and investment potential. So people work longer to own that stuff.
More importantly, anyone can live off of social security on their own. Its just a matter of how you live. You can afford a trailer and Walmart food. If you want more than that, you'll have to buy it on your own.
0
Posted on 3/13/18 at 4:38 pm to Joshjrn
Yet, they want someone else to pay their school loans. 
Posted on 3/13/18 at 4:42 pm to robertLSU
No, social security is funded from your paycheck and your employers account at a rate of 7.65% each, it is collected by the government from individuals and companies and spent on stupid stuff like school loans for people majoring in gender studies. How do you not know Soc Security is not an entitlement?
Posted on 3/14/18 at 8:18 am to MadDoggyStyle
quote:
How do you not know Soc Security is not an entitlement?
Because it is an entitlement.
Posted on 3/14/18 at 8:33 am to MadDoggyStyle
And if someone floated the idea, Boomers would want someone else to pay their mortgages
Posted on 3/15/18 at 2:59 am to Esquire
It’s your money baw.
Posted on 3/15/18 at 5:55 am to Shunface
quote:
I can probably retire at 50 and not worry about a thing. How you doin?
I'm not in the
quote:
Lafayette County Detention Center
Posted on 3/16/18 at 2:21 pm to MadDoggyStyle
quote:
Yet, they want someone else to pay their school loans.
Boomers and Gen X filed bankruptcy after graduation to avoid paying their tiny student loans.
Posted on 3/17/18 at 7:32 am to Quinn225
quote:
Boomers and Gen X filed bankruptcy after graduation to avoid paying their tiny student loans.
Ha....that ain't how that works. Most student loans are exempt from cancellation through bankruptcy unless there are some incredibly unusual circumstances.
Posted on 3/17/18 at 9:08 am to S1C EM
quote:
Ha....that ain't how that works. Most student loans are exempt from cancellation through bankruptcy unless there are some incredibly unusual circumstances.
Student loans didn't become nondischarchable in any capacity until 1976, they roped in private loans in 1984, and it didn't become the iron clad fist fricking that it currently is until 2005.
Source: LINK /
Guess around which year the oldest Millennials started graduating from college...
This post was edited on 3/17/18 at 9:32 am
Posted on 3/17/18 at 1:34 pm to OleWarSkuleAlum
As early in life as possible, learn how to save & invest and learn how to budget based on how much you make vs. how much you can/need to save.
The common failing that I notice, even here on the MT board, is that people generally get caught up in the big number (how much net worth do I "need" for retirement?), yet give little to no thought to what their expenses realistically might be.
The estimated expense side is one of the first things that I had to prepare when I sat down with an advisor some time ago, as I prepared for retirement. It doesn't matter how much you have saved if you have no real idea how much income that gross number will kick off, and then how much you'll need to meet your (actual) expenses. A million dollars in paid for raw land is not equal to a million dollars in bonds yielding 6%, yet the net worth calculation says that they are equal. And obviously, someone entering retirement with a $250K mortgage with 20 years left on it, or is renting, is going to have a very different expense picture than someone with a free & clear home.
IMO, what's at the top of the page in the link tells the whole story:
The common failing that I notice, even here on the MT board, is that people generally get caught up in the big number (how much net worth do I "need" for retirement?), yet give little to no thought to what their expenses realistically might be.
The estimated expense side is one of the first things that I had to prepare when I sat down with an advisor some time ago, as I prepared for retirement. It doesn't matter how much you have saved if you have no real idea how much income that gross number will kick off, and then how much you'll need to meet your (actual) expenses. A million dollars in paid for raw land is not equal to a million dollars in bonds yielding 6%, yet the net worth calculation says that they are equal. And obviously, someone entering retirement with a $250K mortgage with 20 years left on it, or is renting, is going to have a very different expense picture than someone with a free & clear home.
IMO, what's at the top of the page in the link tells the whole story:
quote:
Nearly half of Americans have less than $10,000 stashed away for retirement, according to a report by GoBankingRates.
For them, a serious lack of planning coupled with a longer life expectancy has destroyed any retirement dreams.
This post was edited on 3/17/18 at 1:37 pm
Posted on 3/17/18 at 4:57 pm to Shepherd88
quote:
you ever read “The Millionaire Next Door” you will know that is absolutely a false statement.
So in other words, you have no idea how a large number of people live and read a book to reinforced your preconceived notions.
Posted on 3/18/18 at 9:30 am to CP3LSU25
Actually it’s 100%
Posted on 3/18/18 at 9:41 am to Gevans17
I worked for a company in Texas where 46% of the people didn't even belong to 401k...
Some people have no desire to save or they don't make enough to save
There are way too many people working 2 and 3 low paying jobs and just barely getting by
Too me that is the real problem
Some people have no desire to save or they don't make enough to save
There are way too many people working 2 and 3 low paying jobs and just barely getting by
Too me that is the real problem
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